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Know the Ins and Outs of Your GA Bankruptcy Options

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A wise Atlanta bankruptcy attorney will tell you that many people today in America are fighting to get a leg up in this current, brutal economy. Yet, if filing for either Chapter 7 or Chapter 13 bankruptcy seems to be one of the only ways out of drowning in debt, that fact might not make you feel much better. Yet, don’t give up. Call a reputable Atlanta bankruptcy attorney today and find out what your options are before it’s too late to act.

Chapter 7 and Chapter 13 are the most commonly filed bankruptcy cases in the country. Chapter 7, is by far the most popular of the two and centers around you selling off property and possession that then go to those you owe money. In the case of Chapter 13, there is less to do with the liquidation of assets and more to do with getting your existing debt into a repayment plan you are reasonably able to meet. An Atlanta bankruptcy attorney can sit down with you and hash out all the particulars with each case.

Happy Couple Reviewing AttorneysChapter 7 bankruptcy doesn’t always apply to those looking to escape mounting debt. One of the major factors has to do with your income, if you are indeed still employed. There is a legal scoring system called the means test which will be the final word on whether or not you qualify for Chapter 7. If liquidation of your property does come into play with settling your debts, there are things safe from the process like a residence, family car, and/or retirement accounts.

Even with Chapter 13, there again your income has a great deal to do with the scheduled repayment plan. Depending on how much you make, you could be looking at paying off your debts between three and five years. The more you make, the less time that’s generally allowed to get into the black with your creditors.

Contact an Atlanta bankruptcy attorney today and find out all you need to know and more about Chapter 7 and Chapter 13. Having the right counsel by your side during these tough times is crucial. Make sure you do a little homework and choose the right one.


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